华源证券认为，我国智能驾驶呈现技术持续迭代升级，向高阶发展并加速普及，产业链上下游协同发 展，政策法规日益完善，"车路云一体化"推进，多方协作构建产业生态的趋势。 具体到投资方面，华源证券提到，经过梳理发现北交所中有11家企业属于智能驾驶产业链，分别为开特 股份（汽车传感器等）、奥迪威（敏感元器件和传感器等）、创远信科（无线通信与射频微波测试仪 器）、建邦科技（汽车后市场非易损零部件）、万源通（印制电路板）、路桥信息（交通行业信息化解 决方案）、立方控股（人员和车辆管理整体解决方案）、微创光电（高速公路监控信息化产品）、云星 宇（智慧交通系统集成业务）、汉鑫科技（信息系统集成的解决方案提供商）、莱赛激光（激光测量仪 器）。 【环球网财经综合报道】日前，商务部等八部门联合发文促进数字消费，从丰富数字消费领域供给、培 育壮大数字消费经营主体、优化数字消费支撑体系以及营造数字消费良好环境等4方面提出14项任务举 措。其中提出，开展智能网联汽车准入和上路通行试点，鼓励有条件的地区有序发展无人机支线运输和 末端配送业务。 对此华源证券发布研究报告指出，《方案》重点提到，推动智能网联技术产业化应用，深入开展"车路 云一体 ...

Policy and Market Trends - The Ministry of Industry and Information Technology and eight other departments issued a plan aiming for approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%[7] - The plan emphasizes the core position of intelligent development and promotes the industrial application of intelligent network technology, including the approval of L3 level vehicles for conditional autonomous driving[13] Industry Analysis - The market for automotive-grade SoC (System on Chip) in China is projected to reach 38.1 billion yuan in 2024, representing a year-on-year growth of 42.7%[26] - SoC chips have become the mainstream intelligent driving chips due to their enhanced computing power and data transmission efficiency, addressing the challenges faced by traditional MCU chips[21] Stock Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -1.84% from September 15 to September 19, 2025, with 43 companies (28%) experiencing an increase[45] - Notable gainers included Kaiter Co. (+33.76%), Anhui Phoenix (+19.99%), and Tianhong Lithium (+19.11%) during the same period[45] Valuation Metrics - The median TTM (Trailing Twelve Months) P/E ratio for the automotive industry increased by 2.96% to 38.2X, while the electronic equipment industry saw a decrease from 63.1X to 60.7X[45] - The median market capitalization for the automotive industry rose from 22.1 billion yuan to 22.6 billion yuan[45] Company Developments - Kaiter Co. specializes in automotive sensors and has a market capitalization of 7.728 billion yuan with a TTM P/E ratio of 47.65[44] - Aweit intends to establish a wholly-owned subsidiary in Anhui Province with a registered capital of 30 million yuan[39]

Group 1 - The report highlights that the US and China have agreed to extend the suspension of tariffs and countermeasures for 90 days, focusing on high-quality overseas targets from the Beijing Stock Exchange [1][11][14] - The report identifies 25 companies with significant overseas revenue and strong profit growth, spanning various industries including instrumentation, consumer electronics, and automotive parts [1][11][16] Group 2 - The information technology and chemical new materials sectors showed average weekly gains of +3.23% and +1.65% respectively, while high-end equipment and consumer services sectors experienced slight declines [2][22][25] - The median P/E ratio for the information technology sector increased to 96.6X, with notable performers including Shuguang Digital Creation and Guoyuan Technology [2][25] Group 3 - In the technology new industries, 67 out of 152 companies saw stock price increases, with a median P/E ratio rising from 59.1X to 59.3X [3][36][38] - The total market capitalization of these companies increased from 4879.94 billion to 4967.21 billion [3][37] Group 4 - The report emphasizes the importance of monitoring high-growth quality stocks as the semi-annual report disclosure period peaks, with several companies reporting significant revenue and profit growth [4][57][59] - For instance, Jianbang Technology reported a total revenue of 3.75 billion with a year-on-year growth of 20.77% and a net profit of 0.49 billion, growing by 27.18% [4][20][57]

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company has expanded its sales channels and enriched its product categories, resulting in a 65% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025 [2] - In H1 2025, the company achieved revenue of 375 million yuan, a year-on-year increase of 20.77%, and a net profit of 49 million yuan, up 27.18% year-on-year [2] - The growth in performance is attributed to the company's strategic focus on diversifying product offerings and expanding sales channels amid a complex international economic environment [2][3] Financial Performance - For H1 2025, the company reported a gross profit margin of 29.01%, an increase of 1.19 percentage points year-on-year, and a net profit margin of 13.16%, up 0.65 percentage points year-on-year [2] - The company’s revenue from non-automotive products grew by 183% year-on-year in H1 2025, with significant contributions from household products [3] - The company has shifted towards self-manufacturing high-end automotive electronic products, with a notable increase in cross-border e-commerce orders [4] Revenue and Profit Forecast - The forecast for net profit attributable to the parent company has been raised to 132 million yuan, 160 million yuan, and 191 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.00, 14.92, and 12.49 [4]